VanEck Predicts Solana Could Reach $330
Optimism is returning for crypto investors and altcoin holders after asset management giant VanEck predicted that Solana’s price could top $330. This surge is anticipated due to the blockchain’s scalability and high throughput capabilities.
Solana’s Competitive Edge Over Ethereum
A report released on September 25 by VanEck highlights several key advantages of Solana (SOL) over Ethereum (ETH), including:
- Throughput: Solana can process thousands of transactions per second (TPS), which is approximately 3,000% higher than Ethereum’s TPS.
- Active Users: Solana boasts a daily active user count that is 1,300% higher than that of Ethereum.
- Transaction Fees: Fees on the Solana network are nearly 5 million% cheaper compared to Ethereum.
These advantages position Solana as a strong contender for payments and remittances, particularly in decentralized finance (DeFi) activities leveraging stablecoins.
Tornado Cash Co-Founder Roman Storm Faces Criminal Trial
In a concerning development for decentralized finance (DeFi) and privacy-preserving technologies, Tornado Cash co-founder Roman Storm will face a criminal trial after a judge denied his motion to dismiss the case. This follows charges brought by the U.S. Justice Department regarding the development of the non-custodial cryptocurrency mixer.
Details of the Charges Against Roman Storm
Storm, along with co-founder Roman Semenov, was charged in August 2023 with the following offenses:
- Conspiracy to commit money laundering
- Conspiracy to commit sanctions violations
- Conspiracy to operate an unlicensed money-transmitting business
During a September 26 telephone conference, New York district court judge Katherine Polk Failla ruled that there were plausible allegations warranting a trial.
SEC Chair Gensler Discusses Changes to Exchange Definitions
During the U.S. Treasury Market Conference on September 26, SEC Chair Gary Gensler addressed proposed changes to the definition of “exchange” and alternative trading systems. While aimed at improving the efficiency of the U.S. Treasury bond market, these changes have raised concerns within the digital asset community.
Defining Dealers in the Crypto Market
The SEC’s changes to the definition of a “dealer” were intended to clarify the roles of various market participants, including principal-trading firms utilizing algorithmic and high-frequency trading strategies. Critics argue that these definitions could have negative implications for digital asset trading, and the measures were adopted in February 2024 despite pushback from pro-crypto politicians.
Coinbase Addresses cbBTC Service Terms Concerns
Paul Grewal, the chief legal officer at Coinbase, recently addressed concerns regarding the user terms of service for the exchange’s new cbBTC Wrapped Bitcoin product. He confirmed that Coinbase would fully reimburse clients in the event of a loss of underlying Bitcoin (BTC).
Clarification on User Agreement Terms
The Coinbase legal team clarified that while the agreement limits the exchange’s liability from external losses due to complex trades and leveraged positions, clients would receive a “proportional share of whatever BTC is left” if malicious activity affects their holdings.
Decline in Crypto Hack and Scam Losses
Despite notable hacks in the third quarter of 2024, losses from crypto hacks and scams have declined by 40% year-over-year, totaling $413 million, according to a report from blockchain security platform Immunefi.
Noteworthy Hacks in Q3 2024
While overall losses decreased, significant hacks still occurred, including:
- The $235 million hack of the WazirX crypto exchange.
- The $52 million BingX hack.
These two incidents accounted for over 69% of the total losses in the quarter.
DeFi Market Overview
According to data from Cointelegraph Markets Pro and TradingView, the majority of the top 100 cryptocurrencies ended the week positively. Notably:
- Shiba Inu (SHIB) saw a rise of over 34%, marking it as the week’s biggest gainer.
- Sei (SEI) token also performed well, increasing by over 32% on the weekly chart.
Conclusion
As optimism returns to the crypto market, particularly around Solana‘s potential growth, significant legal and regulatory developments continue to shape the landscape. Investors should stay informed on these evolving situations as they could impact market dynamics and opportunities.
Ecosystem
Research
News Network
About